Bankers are forced to disclose pay

Banks will this week be ordered to disclose for the first time the pay and bonuses of their high-rolling employees in a far-reaching overhaul of how the boards of financial companies are run.

The measure, expected to affect at least 1,000 top earners, is a key recommendation in the final report by City grandee Sir David Walker into the corporate governance of banks in the wake of the financial collapse. He will also hand non-executive directors greater power to police risk-taking and give remuneration committees the ability to set and revise pay policy right across the bank.

However, plans to make non-executives commit 30-36 days a year to the company will be watered down after an outcry by chief executives who fear the ruling would…